In the report, Jefferies noted, “With a sizable portfolio of North American midstream assets, affiliation with two entrenched MLPs, and $8.5B of identified growth projects through 2015, WMB is poised to remain a dominant midstream player. Acute pressure at WPZ (due to keep-whole exposure, equity overhang, and Geismar uncertainty) have pressured WMB shares; however, we believe these issues are reflected at current levels and present an attractive entry point. We initiate with a Buy.”